Giorgi Margvelashvili, a little-known academic from the premier's Georgian Dream coalition, had at least 66 percent of the vote in two television exit polls, well ahead of former parliament speaker David Bakradze of outgoing President Mikheil Saakashvili's United National Movement party, in second place with around 20 percent in the ex-Soviet state.
"I thank you all so much. It is our shared victory," Margvelashvili told cheering supporters at a rally in Tbilisi.
Runner-up Bakradze quickly conceded defeat to his rival, saying he accepted the result of the exit polls.
"I congratulate Giorgi Margvelashvili on his electoral win and the trust expressed in him by the Georgian people," Bakradze said in televised comments.
Today's vote calls time on US-ally Saakashvili's decade in power and his fractious year-long cohabitation with arch-enemy Ivanishvili, who has promised to also step down in the coming weeks.
If confirmed, Margvelashvili will assume a weakened role as constitutional changes will see the next president cede many key powers to the prime minister.
Ivanishvili, 57, wrested power from Saakashvili's party in parliamentary polls last year, marking Georgia's first orderly transition of power.
Earlier in the day voters had said they saw Margvelashvili as a clean break from Saakashvili.
At a polling station in central Tbilisi, professor Serge Tsutskiridze said he had picked "reserved" Margvelashvili because he wanted to see a new style of leader after Saakashvili's divisive rule.
"We don't need another emotional and headstrong president," said the 67-year-old.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
